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Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA), pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) [1] and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains ...
t. e. A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded ...
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. [1][2] Each transaction transfers value from credited accounts ...
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. [1] This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are ...
For exchange traded derivatives, if one of the counterparties defaults in this periodic exchange, that counterparty's account is immediately closed by the exchange and the clearing house is substituted for that counterparty's account. Marking-to-market virtually eliminates credit risk, but it requires the use of monitoring systems that usually ...
The current account is an important indicator of an economy's speed. It is defined as the sum of the balance of trade (goods and services exports minus imports), net income from abroad, and net current transfers. A positive current account balance indicates the nation is a net lender to the rest of the world, while a negative current account ...
accounts. Nostro and vostro (from Italian, nostro and vostro; English, 'ours' and 'yours') are accounting terms used to distinguish an account held for another entity from an account another entity holds. The entities in question are usually banks. The terms nostro and vostro are used, mainly by banks, when one bank keeps money at another bank ...
An HSA is an account you can use to save for your healthcare expenses. You can set aside pretax money in your HSA and then use it to pay for medical expenses such as deductibles or copayments ...